Premiership Rugby agree £230m deal in principle with private equity firm

Premiership Rugby hopes to conclude a £230m agreement with a private equity firm before Christmas after a board meeting on Tuesday failed to tie up a few loose ends, reports Paul Rees from The Guardian.

The 13 shareholders made up of the 12 clubs in the Premiership as well as London Irish first discussed the proposal in September and decided to reject the offer that would see CVC Capital Partners take 50% take of the league.

The agreement made following this week's meeting - in principle, would give CVC a 35% stake in the league leaving the executive arm of Premiership Rugby to sort out the unresolved issues in the next two weeks.

“There remains unanimity about our approach and our desire to enter into a requirement for a significant investment which we think will herald a new era for the league,” said the Premiership Rugby chairman, Ian Ritchie. “We remain on track in achieving our objectives but nothing has yet been concluded.

“These discussions are inevitably complex and take whatever time is necessary. We had a good meeting and have a shared objective. We are still in discussions and they will continue. We have to take time to make sure things are done in the right way.”